[dewilson58]

Originally Posted by vintageogauge

There is a lot more to a trust than just the transferring of assets. If something happens to you as a trustee the successor trustee simply takes over and continues as always handling affairs as always. There is asset protection from certain liability claims, protection from yourself if you have diminished mental capacity as it's very easy for the successor to take over, it goes on and on. Most assets can be in the trust and you don't have to update the trust itself, just place your assets in the trust instead of simply your name. There is so much more to it and well worth getting legal advice.

Agree.

Otherwise you can enjoy irritating the people left behind after you die.

[Michael G.]

Thanks to all for your time to reply to my post

[DAVES]

Has moved to the top of my TO DO LIST. My only experience with this was my parents will. They did not have much there were two heirs myself and my sister. Frankly at the time there were, still are issues between us. The will was old but anything of value was listed as to who gets what and it was as 50-50 as it could have been.

My OPINION, I would chose a law firm that will still be there after we pass. My parents chose a single attorney. She quit, retired or whatever. Typical legal nonsense. We both had COPIES of the will. Only the one with a BLUE COVER is/was acceptable. I found the attorney who claimed she sent the original to my sister. We had to pay extra fees to our attorney to get an official blue covered copy. Later it did turn out that MY SISTER had the official blue covered copy. Not crooked just mishandled.

The LAW. I expect like it or not the tax laws will change. I don't think you can do it anymore. My mom left half of her IRA to each of us as an inherited IRA. It works sort of like required minimum distribution. The one who has inherited the account is forced to take RMD a minimum distribution every year and expose it to TAX. It is a minor pain in the butt but it is a gift that keeps on giving. Thanks to market returns after the distributions, I have more than it was in the account.

[manaboutown]

Originally Posted by vintageogauge

There is a lot more to a trust than just the transferring of assets. If something happens to you as a trustee the successor trustee simply takes over and continues as always handling affairs as always. There is asset protection from certain liability claims, protection from yourself if you have diminished mental capacity as it's very easy for the successor to take over, it goes on and on. Most assets can be in the trust and you don't have to update the trust itself, just place your assets in the trust instead of simply your name. There is so much more to it and well worth getting legal advice.

Every asset I own of any consequence is in my RLT. I sleep well at night!

I do review and amend it from time to time. Easy peasy.

[dougjb]

Ahhhh.....just what I love to hear....legal advice from members of this message board...knowing they have had at least seven years of post-secondary education and passed a rigorous professional entry exam known as the Bar. Of course, the members might just have a seventh grade education who had an uncle who had a friend who found out in the National Enquirer that a trust is good (not good, check either box).

For a couple of hundred dollars, you can get expert advice that meets your needs. Just call up the local Bar Association for a referral to such a lawyer. I don't know about here, but in many parts of the country, the Bar will refer you to a knowledgeable and experienced member of the bar who can spell out the pluses and minuses and the expenses of managing your testamentary desires.

[retiredguy123]

Originally Posted by dougjb

Ahhhh.....just what I love to hear....legal advice from members of this message board...knowing they have had at least seven years of post-secondary education and passed a rigorous professional entry exam known as the Bar. Of course, the members might just have a seventh grade education who had an uncle who had a friend who found out in the National Enquirer that a trust is good (not good, check either box).

For a couple of hundred dollars, you can get expert advice that meets your needs. Just call up the local Bar Association for a referral to such a lawyer. I don't know about here, but in many parts of the country, the Bar will refer you to a knowledgeable and experienced member of the bar who can spell out the pluses and minuses and the expenses of managing your testamentary desires.

I agree with seeking expert legal advice. But, if you are suggesting that you should blindly implement whatever the expert says without researching the issue and using your own knowledge and common sense, I don't agree.

[vintageogauge]

Originally Posted by dougjb

Ahhhh.....just what I love to hear....legal advice from members of this message board...knowing they have had at least seven years of post-secondary education and passed a rigorous professional entry exam known as the Bar. Of course, the members might just have a seventh grade education who had an uncle who had a friend who found out in the National Enquirer that a trust is good (not good, check either box).

For a couple of hundred dollars, you can get expert advice that meets your needs. Just call up the local Bar Association for a referral to such a lawyer. I don't know about here, but in many parts of the country, the Bar will refer you to a knowledgeable and experienced member of the bar who can spell out the pluses and minuses and the expenses of managing your testamentary desires.

Not much "legal advice" given out here, quite a few of the replies suggested seeing a professional.

[Michael G.]

Taxes, Insurance, and planning for the here-after is not one of my expertise.

[rjm1cc]

Originally Posted by dougjb

Ahhhh.....just what I love to hear....legal advice from members of this message board...knowing they have had at least seven years of post-secondary education and passed a rigorous professional entry exam known as the Bar. Of course, the members might just have a seventh grade education who had an uncle who had a friend who found out in the National Enquirer that a trust is good (not good, check either box).

For a couple of hundred dollars, you can get expert advice that meets your needs. Just call up the local Bar Association for a referral to such a lawyer. I don't know about here, but in many parts of the country, the Bar will refer you to a knowledgeable and experienced member of the bar who can spell out the pluses and minuses and the expenses of managing your testamentary desires.

But you might learn what questions are important to ask.

[villageuser]

I am going through trust issues with my parents’ estate. My dad passed away, and my mother needs money for her maintenance cost. I was the one who pushed them to get a trust. One always reads how they are better than wills because of the probate issues. Well, that may be the case, but they sure cause other issues. I have learned a lot, in dealing with their trusts They went with a highly reputable law firm. Plenty of boiler-plate legal-speak, where one would think everything had been covered, but what it did instead is muddy the waters, where it requires a lawyer to fix. Yes, it may be revocable, but it is expensive to change. Sometimes I wonder if this whole trust thing is just another marketing ploy to make lawyers more money. I still think my husband and I need to do a trust, but we have learned what we want included, and how we want certain things worded so as not to make the same nightmare for our children.

By the way, I believe that asking an estate lawyer the question of what you should do is the same thing as asking a surgeon whether you need surgery or not. You will get a different response from a surgeon vs a natural-path vs any other kind of doctor. Of course, they are going to recommend the option that gives the option from their preferred field of practice. Get opinions from people who have had to deal with the results of a trust versus a will.

[Debra Freeman]

If your home is homesteaded it does not go through probate and goes to next heir in line

[Debra Freeman]

Go to www.FloridaBar.gov for Consumer Pamphlet: The Revocable Trust in Florida. This will get you thinking prior to seeing a lawyer thus saving some money as the clock ticks the minute you speak to an attorney. You def want an attorney no matter what decision you make.

[VillagerNut]

Trotter and Soulsby are your best lawyers to talk to about a trust. But most folks in the villages need a trust. If you own a house here, you need a trust or a ladybird deed. People think trusts are so expensive to do. Even if it cost you $2000 to set up, it is a lot cheaper than to have to go through probate. Probate will take a minimum of six months to complete. Six months of carrying costs of expenses on the house by itself is more than the cost to set up a trust. Plus there will be court costs. Plus every lawyer to handle the case if it has to go through probate will charge a very large fee. But Trotter and Soulsby will be able to set up your estate based on your best needs. They are the only certified elder lawyers in the area.

[bowlingal]

you will need a lawyer, and you should definitely get a trust here in Florida.

[JeanC]

Originally Posted by Michael G.

My wife and I made out our will 5 years ago when we moved to Florida, and would
like to hear from someone that holds a trust in the estate of the pros and cons.

Cheers!

If you own deeded property, yes. You can call The law center if central Florida. Located in freedom plaza on 44 which can be golf cart accessible (not technically but people make it happen). Home - Law Center of Central Florida